The amount spent about equals the value of all the gold produced in the whole world from the discovery of America up to the outbreak of the European War. The pay for the Army during the period of warfare was larger than the combined salaries of all of the public school principals and teachers in the United States for five years, from 1912 to 1916. Some of the money spent represents permanent assets. At the end of the war there were large stocks of clothing on hand and large supplies of standardized trucks. There were thousands of Liberty motors and service planes that were available for other uses. Engineer, signal and medical equipment still continued to have a value, but if the race for militarism is maintained it is hard to see how the quantities of war munitions can fail to escape the scrap heap in a few years' time.
Comparing the individual estimates of war expenditure, it is noteworthy that the Austro-Hungarian Empire spent almost as much as the United States. Of all the powers Germany spent the largest sum, $39,000,000,000—one billion more than England.
MONEY LOANED TO ASSOCIATE NATIONS
The following is quoted from the Annalist for December, 1918:
"Money owed to a government by the nations of the world, with whom it is in active commercial competition, is another line of fortifications in defense of the frontier. Let us, then consider our debts and our debtors, and how we both propose to pay. Our long-time loans may be scheduled as follows:
| First Loan | $2,000,000,000 |
| Second Loan | 3,808,766,000 |
| Third Loan | 4,170,019,650 |
| Fourth Loan | 6,989,047,000 |
| ———————— | |
| $16,967,832,650 |
"The totals of each of the above loans have changed substantially since allotment, through conversions with a correspondingly increasing charge on the service. However, the gross amount is substantially unchanged. Of the old loans the Treasury statement of March 31 showed the following totals:
| Consol. 2's of 1930 | $599,724,050 |
| 4's of 1925 | 118,489,900 |
| Panama Canal 2's, 1906 | 48,954,180 |
| Panama Canal 2's, 1908 | 5,947,400 |
| Panama Canal 3's, 1911 | 50,000,000 |
| Conversion 3's, 1946—7 | 28,894,500 |
| Postal Savings 2½'s, 1931—7 | 10,758,560 |
| Postal Savings 2½'s, 1938 | 302,140,000 |
| ——————— | |
| $1,184,908,590 |
"The short-term loans in the shape of certificates of indebtedness and War Savings Stamps at the present writing are as follows:
| 4½% certificates, Series E | $639,493,000 |
| 4½% certificates, Series 4F | 625,216,500 |
| 4½% certificates, Series 4G | 614,069,000 |
| ——————— | |
| $1,878,778,500 |